News

Midwestern land values dip in 2024

Midwestern farmland values experienced a slight decline in 2024.

Luke Worrell, chair of the annual Land Values and Lease Trends survey by the Illinois Society of Farm Managers and Rural Appraisers (ISPFMRA), says an in-depth study of 2024 land transactions shows declining values amongst some types of farmland.

“The 2024 data showed that Class A and Class B land is down for the first time in 6-7 years on average off of their highs of 2022 to 2023, between 10 and 15%,” he says.

Worrell says lower class farmland and recreational land values are stable, but the market is facing headwinds.  

“You factor in lower income, higher interest rates, all of the uncertainty and that kind of made for the perfect recipe for a little bit of a pullback,” he says.

He tells Brownfield it’s a trend being seen across the Midwest.

“I keep an eye on colleagues and friends in Iowa.”  He says, “We’re usually number one and number two in corn and beans. And so, they’re seeing much of the same.”

A free copy of the full 2025 Illinois Farmland Values and Lease Trends Report can be found HERE.

Brownfield spoke with Worrell at the 2025 Illinois Land Values Conference in Bloomington.

AUDIO: Luke Worrell – ISPFMRA